Boss Capital Expands Portfolio with Barcelona and Bilbao Purchases
Weeks after completing a Koliving acquisition in Valencia, Boss Capital returned to the market with a new expansion. The British fund acquired two properties: one in Barcelona and another in Bilbao, located at Calle Muntaner 448 and Calle General Concha respectively.
Overall, the investment amounts to 15.9 million euros, with 10 million allocated to Barcelona and 5.9 million to Bilbao, as reported by El Periódico de España. In addition, a financing package of 12.41 million euros supported both transactions. This package includes a seven-year mortgage-guaranteed loan from Banco Santander and a syndicated facility with Kutxabank and Caja Laboral for the upcoming year, backed by the properties themselves. An earlier move involved 10.79 million euros issued by the Ecuadorian financial institution Pichincha, completed a few days prior.
In Barcelona, the asset sits in the Sant Gervasi-Galvany district near Monterol Park. The building spans 3,405 square meters in an area characterized by a mid to high standard of living. Real estate analytics from BrainsRE Real Estate Big Data show that the regional average price is around 5,130 euros per square meter, suggesting that the British fund acquired the asset at a sizable discount relative to current market pricing. In Bilbao, the property covers 2,430 square meters, with regional averages around 4,400 euros per square meter. Taken together, the Barcelona and Bilbao transactions exceed 10 million, well above the sum paid by the sponsor, reflecting a strategic emphasis on value creation through price discipline and future repositioning.
The investment vehicle for these acquisitions was secured at a discount near 50 percent versus typical market values. Going forward, substantial capital will be directed to reposition the assets so they generate strong leasing performance. In light of rising construction material costs, a significant allocation will be devoted to renovations and upgrades that enhance quality and appeal for prospective tenants.
Medium-Term Rental Portfolio
Shortly after these moves, this newspaper reported another step by Boss Capital through its Socimi Vandor, a residential property near Valencia Polytechnic University. Vandor acquired the site for 1.6 million euros to convert it into a six-unit student residence. Vandor is building a rental platform focused on mid-market housing in Spain. The project manager estimates 4,000 million euros in assets under management and has earmarked 200 million euros for expansion within the country. The Bilbao purchase aligns with Vandor’s objective to offer housing options in Valencia, Barcelona, Madrid, and the Basque Country.
Target residents for Vandor include students and professionals seeking stays ranging from one month to twelve months. This approach supports a turnover that enables higher-than-market rents while requiring ongoing capital for facility maintenance. The leases are managed by Cotown, a leasing administrator involved in the project.